Local Investor Pays $3.2M for Five-story, Mixed-use Building in Brooklyn

NEW YORK—A local investor has paid $3.2 million for 701 St. Marks Ave., a five-story walk-up apartment building located in Brooklyn. Located in the Crown Heights neighborhood, the property consists of 19,500 sq. ft.

Shlomo Antebi, a director at GFI Realty Services, Inc., represented the sellers, local investors, as well as the buyer, also a local investor.

Located near the Brooklyn Children’s Museum, Prospect Park and the Brooklyn Botanic Gardens, 701 St. Marks Ave. contains 23 apartment units and three stores.

“The buyers saw this as a rare opportunity to purchase a prime corner mixed-use property in Crown Heights, an area that is continually improving,” said Antebi. “They are excited by the great potential with the average apartment rent for 701 St. Mark’s Ave. at $1,000 and the retail leases set to expire within 14 months.”